Eligible Ethereum users had six months to claim $1.7B Airdrop

Eligible Ethereum users had six months to claim $1.7B Airdrop

Eligible Users Had Six months to Claim $1.7B ARB Airdrop from leading Ethereum layer 2 network.

Sometimes there's a free lunch and people just don't take advantage of it - on Sept. 25 the Arbitrum Foundation moved $56.5M worth of unclaimed ARB tokens from the Layer 2 network's token airdrop in March.

Arbitrum's governance token ARB is the leading Ethereum scaling solution with $5.6B in total value locked.

The network's early adopters who were eligible for the airdrop could have claimed their tokens for nearly no cost. Now, the unclaimed tokens will go back to the Arbitrum DAO, which was founded alongside the airdrop and is the organization that stewards the Arbitrum ecosysem.

The $56.5 million of unclaimed tokens is remarkable, as airdrop hunting is so popular that a niche industry has emerged around establishing eligibility for what have often been five-figure windfalls. It's likely many people simply don't know they can claim ARB tokens. Many have lost track of their wallets' private keys.

To be certain, eligible addresses were still claiming their ARB allocations until the deadline, Arbiscan said. However, given the maximum claim for an individual address at 10,250 tokens, tens of millions of ARB remained unclaimed.

Arbitrum is a development initiative called Odyssey, which was revived last week, and some on social media are theorizing that it could distribute its reacquired ARB tokens to participants in a growth initiative called Odyssey. The program was so popular that the Arbitrum team were forced to pause it when the Odyssey first launched in summer 2022.

The Arbitrum DAO has already agreed to support a new incentive program that aims to enhance the ecosystem of layer 2's ecosystem. The ARB airdrop, which was the largest in crypto history, is still the largest in existence, with tokens worth $1.7B distributed at the time.